Question
A commercial bank will loan your client $271,845 for 6 years to buy a boat. The loan must be repaid in equal monthly payments at
A commercial bank will loan your client $271,845 for 6 years to buy a boat. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 3.56 percent of the unpaid balance compounded monthly. What is the amount of the monthly payments?
Round the answer to two decimal places.
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Essentials Of Corporate Finance
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
7th Edition
9780073382463
